1. Nigerian CBN Governor says oil revenues hikes helps to defend naira
2. Japanese firms plan $30bn investments in Nigeria, others
3. Shareholders approve Nigerian Breweries N28.386bn dividend
4. Oil price sinks to five-month low of $48
5. Shareholders approve NASCON Allied N1.85bn dividend, seek bonus issue
6. Naira rallies around N390/$ at parallel market
7. Buhari Meets Emefiele, Pleased With Stability in Forex Market
Nigerian CBN Governor Says Oil Revenues Hikes Helps To Defend Naira
A recent rise in oil revenues has helped the central bank to defend the naira and stabilise the parallel market foreign exchange rate, central bank governor Godwin Emefiele said on Thursday. Nigeria has suffered from dollar shortages as a slump in oil revenues has hammered the currency and dried up supplies of the greenback on official channels, forcing traders to pay a premium on the parallel market. “The market is stabilising at the level that it is right now and I am saying the parallel market (is) currently stabilising at between 380 and 385 naira (a dollar),” Emefiele said after meeting President Muhammadu Buhari.
Japanese Firms Plan $30bn Investments In Nigeria, others
The Japanese Deputy Minister for Foreign Affairs, Mr. Shunsuke Takei, on Thursday said businessmen from his country would be investing about $30bn in Nigeria and other African nations. He stated this when he led a delegation of 32 Japanese investors to meet separately with the Minister of Finance, Mrs. Kemi Adeosun, and the Minister of Budget and National Planning, Senator Udo Udoma. Takei said the delegation to Nigeria was part of efforts by the Japanese government to actualise the $30bn public-private investment pledge made in August 2016 during the sixth Tokyo International Conference on African Development in Nairobi, Kenya, which was attended by President Muhammadu Buhari.
Shareholders Approve Nigerian Breweries N28.386bn Dividend
The shareholders of Nigerian Breweries Plc have approved the company’s dividend pay-out of N28.386bn for the 2016 financial year. The shareholders, at the 71st Annual General Meeting of the company held in Lagos, noted that the company’s performance in spite of the very challenging operating environment, was impressive and commendable. They stated that the 2016 results and the dividend pay-out were strong signals of the resilience of the company in the face of the apparent challenges of the economy. The shareholders expressed confidence that the company remains in good stead to weather the present storm and deliver good returns to shareholders in the future.
Oil Price Sinks To Five-Month Low Of $48
Global oil benchmark, Brent crude, struck a five-month low on Thursday as the United States’ crude inventories showed a lower-than-expected decline amid growing compliance with a deal to limit production by the Organisation of Petroleum Exporting Countries and other producers. Brent, against which half of the world’s oil is priced, fell by $2.32 to $48.47 per barrel on Thursday as of 7:00pm Nigerian time, its lowest level since late November 2016. The US West Texas Intermediate benchmark dipped below $46 per barrel for the first time since late November.
Shareholders Approve NASCON Allied N1.85bn Dividend, Seek Bonus Issue
Shareholders of NASCON Allied Industries Plc have approved a dividend payout amounting to N1.85 billion or 70 kobo per share earlier recommended by the Board of Directors for the year ended December 2016. They gave the approval at the company’s Annual General Meeting, AGM, in Lagos, and urged the Board to also consider rewarding the shareholders through issuance of bonus shares in the course of the current financial year. Sir Sunny Nwosu, who spoke on behalf of other shareholders, emphasized the need for the company to get more share of the salt, vegetable oil and tomato paste market. He, therefore, urged the company to take steps to increase the penetration of its products in the marketplace through aggressive marketing.
Naira Rallies Around N390/$ At Parallel Market
The naira on Thursday appreciated marginally against the dollar at the parallel market at N390 to the dollar. The pound sterling and Euro exchanged at N495 and N420, respectively at the segment. At the Bureau De Change (BDC). the local currency was sold at N362 to the dollar, while the pound sterling and Euro closed at N495 and N420, respectively. Trading at the interbank market saw the naira closing at N305.70 to the dollar. The naira, however, depreciated at the new investors and exports window as it closed at N383.19, weaker than N382.19, its opening rate. .
Buhari Meets Emefiele, Pleased With Stability in Forex Market
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, thursday revealed that President Muhammadu Buhari is satisfied with the stability in the foreign exchange (FX) market, following the sustained intervention by the central bank. Emefiele made this disclosure at the Presidential Villa, Abuja, while fielding questions from journalists after a closed-door meeting with the president. The CBN boss who said the visit was one of his routine visits to the president to brief him on the state of the economy, added that Buhari was excited to hear the news on improving economic stability in the country, supported by the exchange rate of the naira which has stabilised at between N380 and N385/$ on the parallel market.